KUALA LUMPUR, Dec 5 (Bernama) -- Bursa Malaysia closed lower on Friday amid mixed regional market performance as investors turned cautious over a possible rate hike by the Bank of Japan (BOJ) and upcoming US economic data that may influence the Federal Reserve’s (Fed) interest rate decision next week. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) pared most earlier losses to settle 4.55 points easier, or 0.28 per cent, to 1,616.52 from Thursday’s close of 1,621.07. The benchmark index, which opened 0.37 of-a-point lower at 1,620.70, moved between 1,609.67 and 1,621.25 throughout the day. The broader market was negative, with decliners outpacing advancers 604 to 439. A total of 550 counters were unchanged, 1,151 untraded, and 18 suspended. Turnover declined to 3.17 billion units worth RM2.24 billion from 4.48 billion units worth RM2.75 billion yesterday. Rakuten Trade Sdn Bhd vice-presiden...
KUALA LUMPUR (March 4): The FBM KLCI had today closed 6.77 points or 0.4% lower, after analysts said Malaysia's corporate earnings for 2018's fourth quarter (4Q18) were weak and disappointing.
At 5pm today, the KLCI closed at 1,693.99. The KLCI ended down despite gains across world stock markets amid signs the US and China were close to reaching a deal to end their trade war.
In Malaysia, Malacca Securities Sdn Bhd head of research Victor Wan told theedgemarkets.com that the KLCI was down mainly due to weaker corporate results announced recently. “News reports suggested that the [US-China trade war] is close to finding a resolution and if it is, it is definitely going to be good news for the market. Having said that, the Malaysian market has not really reacted, which is in a way a surprise,” said Wan.
Earlier today, CIMB Research analyst Ivy Ng Lee Fang wrote in a note that Malaysia's 4Q18 corporate earnings were disappointing, as 39% of companies under CIMB's coverage missed their earnings projections.
"The weak corporate earnings and huge impairments suggest an operating environment for businesses that is more challenging than anticipated. We lower our KLCI earnings growth to 5% for 2019F (vs 6% previously) but maintain our 6% earnings growth for 2020F. Corporate earnings delivery remains one of the key concerns for the Malaysian market," Ng said.
Across Bursa Malaysia today, 3.14 billion shares worth RM2.16 billion were traded. Top decliners included Nestle (M) Bhd and Petronas Dagangan Bhd.
China shares rose amid signs of a trade deal. The Shanghai Stock Exchange Composite closed up 1.12% while Hong Kong’s Hang Seng rose 0.51%. Elsewhere across Asia, Japan's Nikkei 225 climbed 1.02%.
Reuters reported that Asian shares started the week on the front foot on signs the US and China were close to striking a tariff deal to end their protracted trade war while the dollar eased as traders wagered Federal Reserve policy would remain accommodative. The Wall Street Journal reported on Sunday that Washington could lift most or all of its tariffs on Beijing while a summit between US President Donald Trump and his Chinese counterpart Xi Jinping to sign a final trade deal could happen later this month.
Source: The Edge
Comments
Post a Comment